This bill revises various provisions governing the state retirement system, as follows: (1) Present law provides that distribution of a member's benefit must begin by the required beginning date, which is the later of the April 1 following the calendar year in which the member attains age 70.5 or April 1 of the year following the calendar year in which the member terminates. This bill revises the applicable age referenced in this provision to instead refer to age 70.5 or age 72 if the member was born on or after July 1, 1949, as such age is extended or otherwise modified by the Internal Revenue Code or the regulations promulgated thereunder; (2) Under present law, a person serving as a state judge, district attorney general, or member of the general assembly on June 30, 2016, and who is not a participant in the hybrid plan or who has not otherwise maintained membership in the retirement system based on previous service as a state employee or teacher, was required to, by no later than October 31, 2016, file an irrevocable election to become a participant in the hybrid plan. This bill clarifies that the election was "to become or not to become" a participant; (3) Under present law, the hybrid retirement plan provisions in regard to political subdivisions require the actuary of the retirement system to determine the amount of the unfunded accrued liability for the defined benefit component of the hybrid plan. If the unfunded liability exceeds the maximum unfunded liability, certain provisions apply on the effective date that the maximum unfunded liability has been reached. Present law defines “maximum unfunded liability” as an unfunded liability of no greater than the amount as determined by the employees' respective employer and as set forth in the political subdivision's participation resolution. This bill specifies that the maximum unfunded liability may not be greater than 20 percent of the political subdivision's total pension liability; (4) Adds that a retired member may establish prior service within 30 days after the member's date of retirement and have the member's existing benefit adjusted to reflect that member's newly established prior service as of the date of retirement. A retired member who establishes prior service more than 30 days after the member's date of retirement must receive from the retirement system a second benefit, calculated using the date the service was established as the date of retirement for the second benefit; and (5) Present law provides that the board of trustees may promulgate substantive and procedural rules to permit members, including retired members, to establish the retirement credit through equal monthly installments over a period not to exceed five years from the date the first monthly installment payment is due and payable. This bill revises this provision to provide for that the credit may be established through equal monthly installments over a period not to exceed five years from the date the first monthly installment payment is due and payable, or the length of service being established, whichever is shorter.